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George Floyd family starts fund to support the neighborhood where he was murdered

The money comes from the record civil settlement from the city of Minneapolis, and will be used to support people and organizations impacted by systemic racism.

MINNEAPOLIS — The family of George Floyd is donating part of their civil settlement from the city of Minneapolis to the neighborhood where he was murdered.

According to a news release sent out on May 25, the anniversary of Floyd's death, the family is making an initial $500,000 contribution to The George Floyd Community Benevolence Fund. That fund will benefit the community around 38th and Chicago Avenue, the intersection where Floyd died under the knee of former Minneapolis police officer Derek Chauvin.

Chauvin was convicted of Floyd's murder in April, and is scheduled to be sentenced on June 25.

"Mr. Floyd was murdered May 25, 2020, in that predominantly Black neighborhood, and his family has been touched by the strength, the spirit, and the need in that community," Tuesday's press release said. The goal is to encourage "the success and growth of Black citizens and community harmony."

The money for the fund is coming from a record $27 million settlement paid to the family of George Floyd by the city of Minneapolis. 

RELATED: One year after his death, the Twin Cities remembers George Floyd with celebrations and somber reflection

The George Floyd Community Benevolence Fund will provide "long-term support to enhance the business district where George Floyd died." It is a nonprofit with a board including four Floyd family members and members of their legal team. There will also be spots opened up on the board for community leaders from the neighborhood, and for corporate partners. 

The fund will provide grants at levels of $5,000, $10,000 and $25,000 to "established and eligible entities that have a local impact." Those include renovating and expanding businesses, apprentice work or training programs, community arts and civil rights awareness programs, and other projects that "would prove significant to the local community."

Grant applications will be opened up at thegeorgefloydfund.org in fall of 2021.

TIMELINE: The year after George Floyd's death

“As we mark the one-year anniversary of George Floyd’s horrific death, the family feels deeply that something positive should come from the pain and injustice he suffered," said family attorney Ben Crump. "The George Floyd Community Benevolence Fund will be an instrumental, long-term partner to the Black-owned businesses in the neighborhood where he died, where we all have seen the continued negative impact of systemic racism."

Crump will serve on the board along with family members Terrence Floyd, Bridgett Floyd, Philonise Floyd and Roxie Washington.

The family is also planning several events on May 25 to commemorate George Floyd's life and death.

“George’s legacy is his spirit of optimism that things can get better, and our family wants to bring that hope to the community where he died, so that together we can make things better for the Black community in Minneapolis and beyond,” George Floyd's brother, Terrence Floyd, said in the news release.

Family members will also be meeting with President Joe Biden and congressional leaders at the White House Tuesday, to push for passage of the George Floyd Justice in Policing Act.